Are You Managing Your Career Assets?

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Have you ever thought of your career as a house? Well, according to Michael Haubrich that’s what you should be doing.

Haubrich has dedicated over thirty years to helping clients with their financial planning. (Learn how you can get a masters degree in financial planning.) A little over ten years ago, he started working with a growing number of clients who displayed a disconnect between their retirement and career.

“Clients weren’t looking forward to a new transition of retirement, rather just looking for a way to get out of their current dysfunctional career,” he says.

He created a model that blends career counseling and financial planning: Career Asset Management. It helps you view your career as your most important asset—as a fuel to acquire other assets. If you’re able to extend the useful life of your career, while also ensuring that you’re getting what you want and need from it, you’ll get the most earning for the most amount of time of retirement.Haubrich discussed his advice on this topic during a recent webinar, one of many free career webinars offered by Bentley University's Alumni Career Services.

Why is your #career like a house? #careeradvice from @towealth. #preparedu

Think of Your Career as a House

Most people see their careers as being owned by their employers. Not so, says Haubrich—they just rent your time, talent and potential. Instead, view your career as a house that you own and rent to a tenant. As the owner, you want to make sure that your property has everything it needs to attract a well-paying tenant.

“How often do you clean the rental car or the hotel room before you check out? People take better care of the stuff they own, better than what they would borrow or rent,” says Haubrich.

So, who is this ideal tenant (or employer)? Someone who appreciates your property and its long-term value.

Maintain and Remodel Your Home: Career Sustainability Habits

You must consistently maintain and improve this beautiful house of yours to make it a worthwhile investment for your tenant.

Haubrich points out that it’s important to actively engage in lifelong learning and keep yourself relevant in your market.

“In my case, as a certified financial planner, I have to have 30 hours of continuing education every two years.”

Buy a Beach House: Ensuring a Sustainable Retirement Fund

Retirement was created by President Roosevelt in 1935 when he enacted social security. Back then, life expectancy was 63 years old—for most people, retirement only lasted a couple of years.

Today’s average life expectancy is 79. Scientists believe that the first person to live to 150 has already been born. With retirement looking so differently than it did for our grandparents, Haubrich is concerned that our reliance on social security and a meager retirement savings for a 20 or 30-year retirement is not a viable or sustainable strategy.

If your career is a necessary asset, like a house, what do you do if it can’t accumulate enough value for a sustainable retirement by the time you hit 65?

Get yourself a vacation property—an encore career. It’s is a great way to put the skills that you’ve gained throughout your life toward a job you can enjoy and add to your cash reserve for a more sustainable retirement.